What’s up in the real estate market…

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Upgrades headed to downtown Delray Beach SunTrust Bank building

The downtown Delray Beach SunTrust Bank building will be getting a makeover.

Plans to revamp the exterior of the nearly 14,000-square-foot building located at 302 E. Atlantic Ave. has received the OK from Delray commissioners.

Constructed in 1929, the building will soon receive facade improvements, a new roof and utility improvements.

The existing arcade will be eliminated. Other planned changes include new, modern storefront glazing, a color change, new awnings, new LED lights and a reconfigured roof parapet. The first floor will receive additional square footage once the arcade is removed. The makeover will give the building a contemporary masonry modern design.

Amy Snook inducted into the real estate Honor Society

Amy Snook, a partner in the All About Florida Homes Team of Lang Realty, was recently inducted into the Realtors Association of Palm Beaches and Greater Fort Lauderdale’s’ Honor Society. She was recognized at the Realtor Revolution Conference and Annual Meeting at the Palm Beach County Convention Center.

Snook was identified as an eligible member to be inducted into the Honor Society class of 2018 due to her outstanding participation and service within the Realtors® Association at the Local, State, and/or National level during the 2018 service year and beyond.

According to Jessica Lowe, VP of Programs for RAPB+GFLR, “We are very fortunate to know highly involved, passionate, and dynamic members such as Ms. Snook. We are beyond thankful for her contribution to our Association and participation in events, volunteerism, education, local/state/national Conferences and governance, Global and Commercial Alliances, and Realtor® Party contributions.”

Lang Realty raises $13,000 plus to benefit American Cancer Society

Lang Realty recently donated more than $13,000 to the American Cancer Society Making Strides Against Breast Cancer, as part of their Open the Door for a Cure campaign.

Throughout the month of October, Lang turned “pink” in support of Breast Cancer Awareness Month, and a portion of the proceeds from the sale of each home closed that month was dedicated to the charity.

“This was a company-wide effort that included donations from each closing contributed by our agents,” said Scott Agran, President of Lang Realty.  “Many of our own agents and staff have personally battled this disease or have gone through this with loved ones.  We are delighted to support this worthy cause.”

As part of the month-long promotion, Lang’s branding and advertising turned pink; offices were decorated in pink, and pink themed events were held throughout the company. Lang Agents and staff have formed teams to participate in area’s Making Strides events in Boca Raton, West Palm Beach and Port St. Lucie.

Square Mile Capital provides $71 million loan to Boca Raton Student Housing Complex

Square Mile Capital Management LLC (“Square Mile Capital”) originated a $71 million loan secured by University Park, a 598-bed student housing property located in Boca Raton.

The loan was made to a joint venture between Investcorp and The Preiss Company to refinance  the off-campus student housing asset. It was arranged by Michael Gigliotti and Jesse Wright of JLL’s New York and Miami offices.

“University Park, which primarily serves housing needs of Florida Atlantic University and Lynn University attendees, is well positioned as the area’s highest quality student housing option,” Square Mile Capital Principal Eric Cohen said. “In addition to the superior attributes of the property itself, we saw a very compelling opportunity to establish a lending relationship with the Investcorp and The Preiss Company team, which combines global investment capabilities with the expertise of one of the nation’s top student housing owner-operators.”

Sitting just a half mile from Florida Atlantic University’s main campus, University Park provides its student tenants a best-in-class off-campus living experience with amenities including fully furnished units, in-unit washer/dryers, gated security, shuttle services to neighboring campuses, a 24/7 sundry market, a resort-style pool, a two-story fitness center and an outdoor turfed courtyard.

It was completed in 2015 and acquired by the joint venture in 2016.